Thunderstruck Announces Joint Venture with JOGMEC
Vancouver, British Columbia--(Newsfile Corp. - February 28, 2019) - Thunderstruck Resources Ltd. (TSXV: AWE) (OTCQB: THURF) ("Thunderstruck") is pleased to announce it has signed a Joint Venture Agreement (the "Agreement") with Japan Oil, Gas and Metals National Corporation ("JOGMEC") on its Wainaleka VMS Property (the "Mineral Licence") in Fiji. The Agreement grants JOGMEC the option to earn a 70% ownership interest by funding CDN$3,500,000 of exploration through March 31, 2022, subject to acceleration at JOGMEC's discretion.
Bryce Bradley, President and CEO of Thunderstruck Resources, states; "We welcome a partnership with JOGMEC to develop our Wainaleka high-grade VMS discovery. We're especially pleased that JOGMEC is proposing an aggressive initial exploration program culminating in diamond drilling during this year's field season. JOGMEC is a well-established CDN$11 billion dollar Japanese governmental entity mandated to ensure steady, cost-effective supplies of metals for their country's industries. Wainaleka is one of Thunderstruck's four Fijian projects, and we continue to advance these highly prospective assets with the aim of securing joint venture partners for our Rama copper/gold porphyry and Nakoro VMS, while advancing our Liwa gold project into a drill program."
To reflect JOGMEC's interest in the property, the Wainaleka property will be renamed "Korokayiu."
KOROKAYIU (FORMERLY WAINALEKA) ZINC/COPPER PROPERTY
Korokayiu is a high-grade zinc-copper volcanogenic massive sulphide (VMS) discovery drilled by Anglo Pacific in 1977. The 15-hole, 1,763-metre Anglo diamond drill program intersected highly anomalous values including:
- 6.2m @ 1.8% copper, 12.0% zinc and 25 g/t silver (WLK-1A)
- 10m @ 2.3% copper, 5.5% zinc and 47 g/t silver (WLK-4)
- 15.5m @ 1.5% copper, 1.3% zinc and 8.0 g/t silver (WLK-10)
The Anglo drilling results have shown the main mineralised zone is open at both ends and at depth. True widths are estimated to be 80%-100% of the drilled intercept. Geologic mapping indicates 15 km prospective geology strike length; including eight more underexplored zinc-copper VMS prospects*.
*The Qualified person has verified the reported historic drill intercepts including all sampling, analytical, and underlying test data. For full descriptions of mineralized intercepts and details of the Company's data verification see: Technical Report on Aljen (Pacific) Mineral Properties Viti Levu, Fiji, Prepared for Thunderstruck Resources Ltd., September 15, 2014
JOGMEC (Japan Oil, Gas and Metals National Corporation) seeks to ensure a stable supply of metal resources that are indispensable for their industries, and contributes to a wide range of fields including surveying, exploration, development, production and stockpiling to recycling and environmental protection.
The general terms of the Option are as follows:
1) Term 1 Program: CDN$900,000 during the period commencing on the Effective Date and ending March 31, 2020.
2) Term 2 Program - CDN$1,100,000 during the period commencing April 1, 2020, and ending March 31, 2021.
3) Term 3 Program - CDN$1,500,000 during the period commencing April 1, 2021 and ending March 31, 2022.
4) Investment in the Mineral Licence will be on a pro-rata basis after JOGMEC has fulfilled its funding obligation.
5) Thunderstruck will be the Operator for all operations on the Mineral Licence and will be responsible for the preparation, conduct and oversight of prospecting operations, and the hiring of any third party consultants.
6) JOGMEC has up to a 90 day standstill period from the Effective Date to complete customary due diligence and receive any necessary consents and approvals under the currently effective laws of Fiji in relation to this Agreement.
7) JOGMEC shall have the right in its sole option and discretion and upon notice to Thunderstruck, to accelerate the rate of funding.
ADDITIONAL CORPORATE UPDATE
Crews are currently on the ground completing a geophysical program on both its gold asset (Liwa) and its copper-gold porphyry (Rama). The Induced Polarization (IP) resistivity surveys include 4 line-km for Liwa and 7 line-km for Rama. Completion is expected in the next 2 weeks, with an interpretation of the results following shortly thereafter. Geophysical surveys are designed to provide insight into the potential mineralogy of an asset by monitoring the electrical chargeability and resistivity of subsurface materials. This cost-effective method of data collection gives 3D imaging information to a depth of up to 500 metres and assists in delineating drill targets.
Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, is a qualified person for the project as defined by National Instrument NI 43-101. Mr. Raffle has reviewed and approved the portion of the technical content of this news release.
Please join us at the Prospectors and Developers Association of Canada Convention (PDAC) March 3 - 6, 2019 in Booth #3220 to be held at the Metro Toronto Convention Centre.
ABOUT THUNDERSTRUCK RESOURCES
Thunderstruck Resources is a Canadian mineral exploration company that has assembled four extensive and highly prospective properties in Fiji on which recent and previous exploration has confirmed VMS, copper and precious metals mineralisation. The Company provides investors with exposure to a diverse portfolio of exploration stage projects with potential for zinc, copper, gold and silver in a politically safe and stable jurisdiction. Thunderstruck trades on the Toronto Venture Exchange (TSXV) under the symbol "AWE" and United States OTCQB under the symbol "THURF".
For additional information, please contact:
Rob Christl, Investor Relations
P: 778 840-7180
Bryce Bradley, President and CEO
or, visit our website: http://www.thunderstruck.ca
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed "forward-looking statements". Although Thunderstruck believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Thunderstruck's management on the date the statements are made. Except as required by law, Thunderstruck undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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